Global Net Lease Inc. (GNL) and The Necessity Retail REIT Inc. (RTL) have agreed to a definitive merger in an all-stock transaction, creating the new Global Net Lease REIT. This internally managed entity is projected to own and manage over 1,350 properties with a total real estate asset value of approximately $9.6 billion.
Chair of GNL’s board of directors P Sue Perrotty commented that this merger presents “an exceptional opportunity to build a premier global net lease portfolio with very attractive future prospects.” Internalization is estimated to generate around $54 million in annual cash savings while the overall combination should result in roughly $21 million annually saved for shareholders’ benefit moving forward.
